Mar v. Mohr, et al. was filed in a California state court on February 11, 2021 as a putative class action for $170 million in civil damages against alleged co-conspirators of a retirement planning fraudster’s business.  Specifically, the complaint alleges violations of California securities law, fraud and deceit, intentional misrepresentation, and negligent misrepresentation.

The named plaintiff is an individual investor who seeks to represent two classes amounting to over 100 other investors.  The defendants include an individual (“Mohr”) and his corporate entity, EquiAlt, LLC.  Mohr purported to provide retirement planning services alongside his licensed business of selling life insurance.  Mohr’s attorney (“Wassgren”) and unnamed Doe defendants are also included in the suit.

This action follows the rise and fall of real estate investment funds managed by EquiAlt, LLC.  The SEC filed an action against EquiAlt in February of 2020.

Defendants allegedly solicited their contacts to invest with EquiAlt in the form of fixed-rate debentures.  Defendant Mohr allegedly assured investors that the investments were safe and meritorious and acted as the salesperson for these investments despite lacking a current, unexpired FINRA license to do so.  Defendant Wassgren allegedly provided legal advice and assistance to perpetrate the EquiAlt scheme.  In 2020, when the SEC instituted an action against EquiAlt, a receiver was appointed to take possession of EquiAlt’s assets.

Plaintiffs ask the court to certify the proposed classes, order the co-conspirators to disgorge ill-gotten profits, and order compensatory, punitive and restitutionary damages.